Individual Retirement Accounts in Wisconsin & Minnesota
If you have earned income, an individual retirement account (IRA) gives you the opportunity to save for retirement and possibly enjoy certain tax benefits.1
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IRA Savings Account Features
Planning for retirement is essential to achieving long-term financial security, and Forward Bank is here to help you every step of the way. Our Individual Retirement Accounts (IRAs) provide you with two great options to grow your retirement savings: IRA Savings Accounts and IRA Certificates of Deposit (CDs). Our IRAs offer the opportunity for tax-deferred growth and potential tax deductions, depending on your eligibility. Explore your IRA options today and start planning for a financially secure future.
There are two types of Individual Retirement Accounts (IRAs): Traditional and Roth. Both offer tax advantages and flexible savings options to help you reach your financial goals.
Traditional IRA Savings
Contributions may be tax-deductible, allowing your savings to grow tax-deferred until retirement. This option can be a smart choice if you want to reduce your taxable income now and expect to be in a lower tax bracket when you retire.
Roth IRA Savings
With a Roth IRA, you contribute after-tax dollars, and your withdrawals in retirement are tax-free, provided certain conditions are met. This option is ideal if you expect to be in a higher tax bracket in retirement or want the flexibility of tax-free income later on.
Both types of IRA Savings Accounts offer you the opportunity for steady growth while preparing for a secure retirement.
IRA Savings Interest Rates
Account | Minimum to Open | Interest Rate | APY** | Minimum to Earn APY** |
---|---|---|---|---|
AccountIRA Savings* | Minimum to Open$0 | Interest Rate0.30 | APY**0.30 | Minimum to Earn APY**$0 |